GOING GLOBAL

Rate hikes hurt Europe's stocks

European stocks fell Thursday after the Bank of England unexpectedly joined the European Central Bank in raising interest rates, causing concern that economic growth will fade.

"The concern is that central banks will raise rates more than necessary just when growth is slowing and thus push the economy over the edge," said Greg Bennett, investment director at Marlborough Partners in London.

The Dow Jones Stoxx 600 index slipped 0.8 percent. The Stoxx 50 retreated 0.9 percent. The Euro Stoxx 50, a measure for the nations sharing the euro, lost 0.8 percent. National benchmarks fell in all 18 Western European markets except Denmark, Portugal and Iceland.

The Bank of England raised its main interest rate a quarter of a percentage point, to 4.75 percent, the first increase in two years.

ECB policymakers also lifted their target rate a quarter of a point, to 3 percent.

Commodities help Asia: Shares of Asian commodities companies rose after Mitsubishi Materials Corp. and Alumina Ltd. said profit jumped. BHP Billiton, the world's largest mining company, advanced along with copper and gold prices.

"Demand for resources is pretty strong from growth out of China and other parts of the world," said Troy Angus at BT Financial Group in Sydney. "Resource companies should continue to do OK."